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New York Times Meets Forecasts
As Advertising Slump Hits Profit

A Wall Street Journal Online News Roundup

Updated July 18, 2001 12:34 p.m. ET

NEW YORK -- New York Times Co. Wednesday reported second-quarter results in line with Wall Street estimates reflecting a severe slump in advertising. The newspaper publisher held out hope for an upturn late in the year.

The newspaper publisher's net income more than doubled to $265.5 million from $101.7 million in the year-earlier period. The latest period included a one-time gain of $241.3 million for the sale of its golf properties,...